Funding arb · Price arb /

XAU

RWAall XAU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0249%/8h= +27.3% APRpaid last 24h +0.064%

Price spread now: OKX against SunX−0.067%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$670.674% of the position

Long on SunX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.174%+$17 on $10k

Price spread, last 4 days (all we have)−0.151%−$15 · spread now −0.067%, 7d avg −0.077%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.077%, so right now this pair is about funding alone: +$7 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.174% in total (about 9.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX XAU-USDT	4,311.4	0	get 0.0000% / 4h	3h 35m	$92K	$6.8M	20x
Short	OKX XAU-USDT-SWAP	4,308.5	0.0249	get 0.0249% / 8h	7h 35m	$171.2M	$329.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee OKXbpOrdersPrice spread, now −0.067%Rate

Funding earned: $52.3
Price spread: −0.067% → −0.077%: $1.06
Slippage, 4 orders: −$49.42
Fee SunX: 4 bp × 2 orders: −$8
Fee OKX: 5 bp × 2 orders: −$10
Net: −$14.06
Costs to cover: 0.674%
Break-even: 8.9 days

Slippage from SunX: live order book, 4 min ago; OKX: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX live order book, 4 min ago	23.45 bp	27.4 bp −$27	40.3 bp −$403	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	0.12 bp	5.1 bp −$5	5.1 bp −$51	6.0 bp −$598	12.2 bp −$6,099

XAU on 39 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff GOLD-PERP	−0.0032%	1h	4,305.5	−0.136%	$32K	—	25x	as long as short
SunX XAU-USDTlong	0.0000%	4h	4,311.4	long leg	$92K	$6.8M	20x
gTrade (Gains Network) XAU/USD	L +0.0002% / S −0.0003%	1h	4,303.6	−0.181%	$278K	—	250x	as long as short
GRVT XAU_USDT_Perp	+0.0012%	4h	4,308	−0.077%	$1.4M	$3.0M	25x	as long as short
Injective XAU/USDC PERP	+0.0033%	1h	4,350.4	+0.906%	$619	$54	52x	as long as short
StandX XAU-USD	+0.0040%	1h	4,306.8	−0.106%	$3.8M	$4.5M	40x	as long as short
Vest GC-PERP	+0.0046%	1h	4,338.7	+0.634%	—	$1.0M	25x	as long as short
QFEX GOLD-USD	+0.0046%	1h	4,306.3	−0.118%	$6.6M	$3.1M	20x	as long as short
tradeXYZ xyz:GOLD	+0.0050%	1h	4,305	−0.148%	$291.0M	$53.9M	25x	as long as short
Polymarket Perps GOLD-USD	+0.0050%	1h	4,304.5	−0.159%	$4.3M	$1.8M	20x	as long as short

Show all 39 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps XAU-USD.P	+0.0050%	1h	4,303.5	−0.182%	$15.0M	$55.8M	25x	as long as short
Aster XAUUSD1	+0.0052%	4h	4,308.5	−0.066%	$73.4M	$271.9M	20x	as long as short
Coinbase International GOLD-PERP-INTX	+0.0056%	1h	4,303.9	−0.173%	$2.0M	$5.1M	25x	as long as short
Paradex XAU-USD-PERP	+0.0061%	8h	4,306.2	−0.119%	$2K	$13K	5x	as long as short
Extended XAU-USD	+0.0064%	1h	4,303.2	−0.189%	$13.1M	$36.2M	25x	as long as short
Lighter XAU	+0.0080%	1h	4,306.2	−0.119%	$20.3M	$28.9M	25x	as long as short
Variational Omni XAU	+0.0089%	4h	4,305.9	−0.127%	$46.6M	$29.2M	—	as long as short
Phoenix GOLD	+0.0095%	1h	4,306.1	−0.122%	$42K	$86K	25x	as long as short
Pacifica XAU	+0.0100%	1h	4,302.7	−0.200%	$1.4M	$1.2M	10x	as long as short
ApeX Omni XAUUSDT	+0.0100%	1h	4,305.2	−0.144%	$275K	$218K	50x	as long as short
MEXC XAU_USDT	+0.0102%	4h	4,307.4	−0.091%	$361.8M	$337.4M	1000x	as long as short
Binance XAUUSDT	+0.0103%	4h	4,307.7	−0.084%	$434.2M	$2.22B	100x	as long as short
Lighter RH XAU	+0.0104%	1h	4,308.9	−0.057%	$19.8M	$39.9M	25x	as long as short
Aevo XAU-PERP	+0.0104%	1h	4,306.2	−0.120%	$159K	$87	10x	as long as short
Kalshi KXGOLDPERP	+0.0109%	24h	4,309.8	−0.036%	$3.7M	$46.5M	15x	as long as short
edgeX XAUUSDC	+0.0111%	4h	4,306.8	−0.107%	$30.0M	$61.5M	50x	as long as short
Bybit XAUUSDT	+0.0117%	4h	4,308.4	−0.068%	$77.5M	$157.3M	150x	as long as short
RISEx XAU/USDC	+0.0126%	1h	4,307.1	−0.099%	$4.4M	$13.1M	25x	as long as short
Gate XAU_USDT	+0.0160%	4h	4,310.4	−0.023%	$297.0M	$426.7M	100x	as long as short
Bitget XAUUSDT	+0.0190%	4h	4,308	−0.077%	$70.4M	$124.6M	100x	as long as short
Bullet GOLD-USD	+0.0195%	1h	4,307.2	−0.098%	$58K	$81K	10x	as long as short
Deribit GOLD_USDC-PERPETUAL	+0.0215%	1h	4,305.6	−0.134%	$134K	$846K	25x	as long as short
OKX XAU-USDT-SWAPshort	+0.0249%	8h	4,308.5	−0.067%	$171.2M	$329.7M	100x
Kraken Futures PF_XAUUSD	+0.0328%	1h	4,305.2	−0.144%	$573K	$138K	25x	as long as short
BloFin XAU-USDT	+0.0369%	4h	4,307.1	−0.099%	$16.2M	$5.0M	100x	as long as short
GMX GOLD/USD [ETH-USDC]	L +0.0466% / S −0.0314%	1h	4,307.6	−0.088%	$255K	—	111x	as long as short
Phemex XAUUSDT	+0.0527%	4h	4,310	−0.031%	$2.2M	$955K	100x	as long as short
HTX XAU-USDT	+0.1118%	4h	4,315.8	+0.103%	$3.2M	$6.2M	75x	as long as short
Bluefin GOLD-PERP	+0.4311%	1h	4,303.3	−0.187%	$25K	$1K	20x	as long as short